A new study by the Peterson Institute for International Economics (PIIE) estimates that the trade war initiated by former President Donald Trump has cost the U.S. economy around 700,000 jobs and has not achieved its intended goals. The study attributes these job losses primarily to the increased cost of imported goods due to tariffs, which reduced consumer spending and business investment.
The analysis details how tariffs on goods from China and other countries led to retaliatory tariffs from those nations, hurting American exporters, especially in the agricultural sector. Farmers, manufacturers, and businesses reliant on global supply chains faced significant challenges.
Furthermore, the study argues that the trade war failed to significantly reduce the U.S. trade deficit or bring manufacturing jobs back to America, two of the main objectives cited by the Trump administration. Instead, the analysis suggests that the trade war primarily caused economic disruption and inefficiency, with consumers and businesses bearing the brunt of the increased costs. The report concludes that the economic damage inflicted by the trade war outweighs any perceived benefits.
find the original article here: https://finance.yahoo.com/news/trump-trade-war-taken-700-110500448.html